The rise in demand will come from a 23% rise in energy demand by 2045 to fuel global economic growth and while there will be renewables and gas, hydrogen and nuclear growth, oil will still make up 29% of the energy mix, according to Al Ghais.
"Every data-based forecast that I have seen shows that oil is irreplaceable for the foreseeable future," he told the Energy Asia gathering in Kuala Lumpur
He said the forecast indicates the world will "need more, not less oil, alongside the need to continually reduce emissions" going forward.
"A massive energy expansion is required as we see the global economy more than doubling in size, and the world's population reaching 9.5 billion by 2045. Moreover, as we all know, there remains a critical need to bring modern energy services to those billions that continue to go without basic energy access in many parts of the world."
Calling for "unprecedented investment and collaboration," to meet expected future demand while at the same time reducing global emissions," he said it would require incorporating global best practices and cutting-edge, best-in-class technologies including carbon capture utilization and storage, clean hydrogen technologies, and circular carbon economy.
Al Ghais said "chronic underinvestment" across all energy sources was putting the viability of the whole energy system at risk with an estimated $12.1 trillion required by the oil industry alone between now and 2045.
"Recent annual levels have been significantly below this, due to industry downturns, the pandemic, and the increasing focus on environmental, social and governance issues," he said.
Industry policymakers and stakeholders needed to work together to ensure a long-term investment-friendly climate, with sufficient available finance, in a way that worked for producers and consumers, as well as developed and developing countries, said Al Ghais.
He said the effort was being severely hampered amid constant calls to halt all investment in new oil projects and said clarity on energy policy was critical if there were to be a "just, inclusive and realistic transition."
However, Al Ghais' comments were at odds with the International Energy Agency which has forecast "peak oil" in 2028 as demand will "slow almost to a halt" in the years ahead as the so-called energy transition -- the pivot away from fossil fuels -- accelerates.
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